VeChain (VET) Continues to Hit New All-Time Highs
The VeChain price has rebounded after declining by over 40% during the weekend. VeChain Cryptocurrency is currently on bullish momentum by 18.73% in the last 24 hours. As of this writing, VET was trading at $ $0.2457, a few points below the all-time high of $0.2778. Its market cap has risen to more than $16.3 billion.
VET Price Trend
Last week, as Coinbase became a publicly-traded company, the VET price jumped to an all-time high of $0.27 with a 46% gain showing a definite upward trend. The price surge came to pass after an announcement by Twitter user Boosted_Yota that VET PoA 2.0 testnet will run 2500 transactions for each block.
With the developments, the testnet could be processing about 21.6 million transactions regularly. It later retreated in the course of the weekend as investors rushed to take profits. Today, VeChain is advancing towards its all-time high and is supported by the 25-day and 15-day moving averages.
CoinMarketCap shows that most currencies have surged recently. Typically when the Bitcoin price rises, other currencies tend to follow closely.
Consecutive Bullish Sessions
VeChain currency has surged by more than 1,300% this year, earning a spot in the best performers. It has risen by more than 220% in about a month. This price growth that is outpacing other digital assets was witnessed when China’s President Xi Jinping announced several blockchain initiatives.
Another critical factor contributing to the surge is that more companies have continued to use the VeChain Thor blockchain. The newest company to embrace the technology is Salesforce. The general performance of cryptocurrencies has also helped boost their price, and the fear of missing out (FOMO) has also helped boost sentiment.
Understanding VET
VET is a business-facing blockchain with 261115 Twitter followers and 129878 Reddit subscribers currently. It hopes to have a transparent and distributed business ecosystem to allow trusted information flow, effective value transfer, and efficient collaboration.
The VeChain network was established in 2016 and targets enterprise adoption and provides blockchain as a service (BaaS) through their ToolChain platform. ToolChain offers applications for carbon reduction, increasing consumer confidence, automobile supply chain, and many other problems in the globe.
VET rebranded to VeChain Thor and announced the Thor Blockchain after two years. The Thor blockchain targets to serve more than just a supply chain with smart contract support for advanced enterprise applications.
When Xi announced the country’s drive for blockchain, the crypto market went into a meteoric bullish rally, especially the cryptocurrencies with solid links to China. NEO also gained over 70%, while VeChain surged by over 110% in the following two weeks. In contrast, the rest of the cryptocurrency market earned an average of 17% over the same period.
